The Nigerian National Petroleum Corporation (NNPC)submissions at the ongoing public hearing over the alleged non-remittance of $20billion was marred by confusion generated by the account of $2billion third party financing.
The development forced the NNPC to withdraw parts of its submission to the Senate Committee probing the alleged missing funds.
Also, the Auditor General of the Federation (AGF) Mr. Samuel Ukura, insists that the Section 85 (2) (3) of the 1999 Constitution (as amended) barred him from auditing NNPC account.
The Senate Committee on Finance is taking submissions at the public hearing on the allegation made by the suspended Central Bank of Nigeria (CBN) Governor Mallam Sanusi Lamido Sanusi, that the NNPC had not remitted $20billion into the federation account.
At the hearing, the Group Managing Director of the NNPC, Engr. Andrew Yakubu said that the governing structure of the third party arrangement explained what went to the parties.
On the $2billion third part financing, Yakubu said that the submission to the committee gave a detailed account of the fund.
He said that the details included Reserved Development Projects, Satellite Oil Field and others.
Continuing, he said that what NNPC is accounting for is the total oil lifting on behalf of the Federal Government.
Chairman of the Committee, Senator Ahmed Makarfi had insisted that the calculation did not still add up to $2 billion.
But, Yakubu noted that “in view of the confusion, there is the need to further clarify and align all figures.”
He had given a breakdown of the $2billion third party financing of some of NNPC projects as follows; January 2012 to July 2013: Reserve Development Project: $1.53bn. Remittance to FAAC is $211m. NNPC.
On the controversial $6 billion reportedly paid to the Nigeria Petroleum Development Company (NPDC) by the NNPC, the Acting CBN Governor, Sarah Alade, told the committee that what happened was dependent on what the law provides.
Alade noted that CBN noticed that $6billion was on the operations of NPDC but “we don’t know what they are to actually remit” because “it depends on what the law says.”
She recalled that Sanusi had stated at the public hearing that the law would determine what would go to the Federation Account out of the $6 billion.
On reconciliation with NNPC, she said that since they left the public hearing last week, they have not been invited for further reconciliation.
Leadership
Source: 24/7 Nigerianewsupdate 